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Patrick WENZLER and Sebastian KROPP, Germany
The improvement of market transparency on the real estate market is one of the most important objectives currently. In Germany market transparency is strongly supported by the advisory committees of land values which release in general key information about the real estate market and its significant parameters and characteristics. Worth mentioning here in particular are the real estate market reports, (standard) land reference values and other for the valuation process required information. A next step of innovation to increase market transparency is the estimation of (standard) real estate reference values. These values are average georeferenced location values for the whole property what include the land and the building part. The article explains the theoretical background of the estimation of real estate reference values with its important points. For the submarket of condominiums procedures and results for a specific research area in North-Rhine Westphalia, Germany are shown. Special attention is paid to the selection of the significant value influencing object characteristics within the multiple regression analyses. Research has shown that reference land-values can be derived in general, however, various restrictions have to be considered.
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